44. Leases Company as lessee The Company has lease arrangements for its off ice premises located in Hyderabad and various Heritage Distribution centers / Parlours / Sales off ices located across India. These leases typically have original terms not exceeding 21 years and generally contain multiyear renewal options. The agreements entered into by the Company have, rent escalation upto 10%. There are no residual value guarantees provided by the third parties. The movement in lease liabilities is as follows: Particulars For the year ended 31 March 2023 31 March 2022 Balance at the beginning of the year 75.36 44.87 Additions during the year 282.31 65.40 Finance cost accrued during the year 8.21 6.77 Payment of lease liabilities (45.05) (41.68) Lease liabilities at the end of the year 320.83 75.36 Current lease liabilities 48.89 28.23 Non-current lease liabilities 271.94 47.13 The details of the contractual maturities of lease liabilities on an undiscounted basis is as follows: Particulars As at 31 March 2023 31 March 2022 Less than one year 59.80 33.65 One to fi ve years 186.10 52.22 More than fi ve years 335.71 0.95 Total 581.62 86.82 The Company does not face a signifi cant liquidity risk with regard to its lease liabilities as the current assets are suff icient to meet the obligations related to lease liabilities as and when they fall due. Rental expense recorded for short-term leases for the year ended 31 March 2023 is ` 85.19 (31 March 2022: ` 37.14). Leases not yet commenced to which the Company is committed aggregated to ` Nil as on 31 March 2023. Depreciation expenses and Lease rentals paid for the year ended 31 March 2023 are ₹44.28 and ₹45.05 (31 March 2022: ₹32.38 and ₹41.68) respectively. Company as lessor The Company has leased its land and buildings located in Manor and Chennai regions. These leases typically range between 5 to 30 years and generally contain multiyear renewal options. The agreements entered into by the Company have, rent escalation upto 5%. Future minimum rentals receivable under non-cancellable operating lease is as follows: Particulars As at 31 March 2023 31 March 2022 Less than one year 12.57 15.74 One to fi ve years 21.09 31.98 More than fi ve years 48.47 51.20 Total 82.13 98.92 Summary of the significant accounting policies and other explanatory information (All amounts in ` millions, except share data and where otherwise stated) 239 Standalone | Financial Statements
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